Date: Tue, Sept 17, 2024, 05:22 AM GMT
Trust Wallet Token (TWT), the native token of one of the most popular crypto wallet, has seen a sharp 17% decline in the past 24 hours, raising concerns among investors and users of the platform.
What Happened?
The sudden drop in TWT’s value seems to be linked to broader cryptocurrency market volatility rather than a specific negative event targeting the token itself. The market has been turbulent recently, with several altcoins experiencing similar downturns.
Trendline Rejection
A key factor in the decline is TWT’s failure to break out of a technical pattern known as a “falling wedge.” The token was testing the downtrend resistance line at $0.9482 but got rejected, leading to a sharp 17% sell-off. This pattern is similar to what was seen with SEI, another cryptocurrency that dropped by 13% within last 12 hour.
What’s Next for TWT?
The drop pushed TWT down to a critical support level of $0.7316. However, the token has already shown signs of a slight recovery after hitting this support, offering hope to traders. If TWT manages to hold this support, a potential rebound could be on the horizon. However, if the support breaks, the token might face another sharp drop.
The current Relative Strength Index (RSI) of TWT stands at 39.90, signaling that the token is approaching oversold territory. The RSI-based moving average is 21.08, suggesting there’s still room for volatility in the near term.
Investors are now keeping a close eye on TWT’s performance at the $0.7316 support level, as it could determine the token’s next big move.
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